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Saturday, September 06, 2014

Warship deal runs aground

Yangyang class minesweeperIndia's first major defence hard-ware import from East Asia is in jeopardy after the defence ministry flagged irregularities in a Rs.2,300 crore deal to buy eight mine counter-measure vessels from South Korea.

On May 29 this year, the ministry encashed a Rs.3 crore bank guarantee furnished by the Kangnam Corporation, which had been shortlisted to supply the minesweepers to the Indian Navy.

The liquidation of the guarantee came after an inquiry by the ministry found that the South Korean shipyard may have hired middlemen to facilitate the contract. Employing middlemen in defence deals is banned.

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